Geoff Peterson posted a new question on 1/31/2010
There is no tie breaker on the board. The original deal was that he would handle finance and I handled technical. I am trying to gather concrete information from accounting. He may have given himself and almost certainly his wife a raise without our knowldge. This may not be technically illegal per his position in the business as general manager (we kept our original employee position prior to our purchase of the company). He is poor at his job, at best, and the company is suffering because of it. The company needs some more capitol at this time, but I am unwilling to continue with him and his wife as partners. I am in desperate need of some good ideas to force them out for both my and the companies benifit.
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Lawrence Brody Responded on 1/31/2010
Is there a Buy/Sell Agreement in place? If there is, there will be provisions covering your situation. If not, all you can do is make him an offer. I am wondering how he could give himself and his wife a pay raise without you knowing about it. Don't you monitor the company books on a regular basis?
Larry Brody
SCORE Counselor
